Correlation Between Mink Therapeutics and Immunome
Can any of the company-specific risk be diversified away by investing in both Mink Therapeutics and Immunome at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Mink Therapeutics and Immunome into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mink Therapeutics and Immunome, you can compare the effects of market volatilities on Mink Therapeutics and Immunome and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Mink Therapeutics with a short position of Immunome. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mink Therapeutics and Immunome.
Diversification Opportunities for Mink Therapeutics and Immunome
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mink and Immunome is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Mink Therapeutics and Immunome in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunome and Mink Therapeutics is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Mink Therapeutics are associated (or correlated) with Immunome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunome has no effect on the direction of Mink Therapeutics i.e., Mink Therapeutics and Immunome go up and down completely randomly.
Pair Corralation between Mink Therapeutics and Immunome
Given the investment horizon of 90 days Mink Therapeutics is expected to under-perform the Immunome. In addition to that, Mink Therapeutics is 1.19 times more volatile than Immunome. It trades about -0.01 of its total potential returns per unit of risk. Immunome is currently generating about 0.07 per unit of volatility. If you would invest 531.00 in Immunome on September 1, 2024 and sell it today you would earn a total of 824.00 from holding Immunome or generate 155.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mink Therapeutics vs. Immunome
Performance |
| Timeline |
| Mink Therapeutics |
| Immunome |
Mink Therapeutics and Immunome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mink Therapeutics and Immunome
The main advantage of trading using opposite Mink Therapeutics and Immunome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mink Therapeutics position performs unexpectedly, Immunome can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Immunome will offset losses from the drop in Immunome's long position.| Mink Therapeutics vs. Affimed NV | Mink Therapeutics vs. Adaptimmune Therapeutics Plc | Mink Therapeutics vs. Sangamo Therapeutics | Mink Therapeutics vs. Day One Biopharmaceuticals |
| Immunome vs. Anebulo Pharmaceuticals | Immunome vs. Adagene | Immunome vs. Acrivon Therapeutics, Common | Immunome vs. AnaptysBio |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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